Carnage came to risk assets amid dismal economic data out of Europe and the US which coupled with fears over the impact of an ongoing trade war uncertainty. The dramatic jolt of pessimism is clearly illustrated through the JPY currency crosses with USDJPY, EURJPY, AUDJPY, GBPJPY and CADJPY all taking a nosedive.

USDJPY PRICE CHART VS EURJPY, AUDJPY, GBPJPY & CADJPY: 5-MINUTE TIME FRAME (MAY 23, 2019 INTRADAY)TheCanadian Dollaris the worst performing major currency against the Japanese Yen with a 1.0 percent plunge as thelooniedownside finds amplification through collapsingoilprices on the back of slowing global growth. The Pound Sterling has also come under a considerable amount of pressure as theBrexit latestweighs negatively onGBP , lending weight to the GBPJPY's 0.7 percent drop.

As for the greenback, a bleakUS PMI reportreleased earlier exacerbatedUSDweakness against the Yen to the tune of a 0.7 percent slide while theEuroedged down 0.5 percent perhaps owing toEU Parliamentary electionsuncertainty. Meanwhile, the Aussie continues to drift lower helped along by rising RBA rate cut bets and trade war risk sinking AUDJPY 0.5 percent as well.

JAPANESE YEN CURRENCY INDEX: DAILY TIME FRAME (DECEMBER 06, 2018 TO MAY 23, 2019)On balance, the Yen is on track to post its biggest daily gain since the Januaryflash crashmeasured by the Japanese Yen Currency Index (JXY). The Yen rally could lose steam over the short-term, however, as spot FX rates approach technical levels that have potential to provide support for JPY counterparts. That said, if the recent flareup in risk trends intensifies,Japanese Yen bullscould remain in charge of forex price action.